Waskita and WIKA increase shares in subsidiaries

This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.

Investor Daily - Waskita dan WIKA pertebal saham di anak usaha

6 January 2025

Jakarta, ID – PT Waskita Karya (WSKT) and PT Wijaya Karya Tbk (WIKA) have both increased their shareholdings in their subsidiaries. Waskita injected capital amounting to Rp1.17 trillion into PT Waskita Sriwijaya Toll (WST). Meanwhile, WTKA increased its ownership in PT Wijaya Karya Realty (WTKA Realty) through a share swap mechanism.

Waskita, through an official announcement, stated that the company, via PT Waskita Toll Road (WTR), has increased its capital in WST by 1,172,808 shares, equivalent to Rp1.17 trillion. This figure represents the audited equity of Waskita as of 31 December 2023, and reflects 4.83% of the audited equity of WTR as of 31 December 2023.

“WTR has increased the issued and paid-up capital in WST by Rp1,172,808,000,000, which corresponds to the percentage of WTR’s shareholding in WST, and WTR did not take the remaining portion from other shareholders,” stated Waskita Management in an official statement, as quoted on Friday (3/1/2025).

Waskita management explained that the affiliated transaction aims to restructure the capital of WST, with the expectation of maximising WST’s business performance and adding value to Waskita as a shareholder.

As a result of this action, the ownership of WSKT in WST has increased from 4,992,924 shares (99.78%) to 6,165,732 shares (99.82%). This transaction did not use an appraiser to determine the fair value, as the transaction object between WTR and WST was conducted by a controlled company with another company whose shares are owned by the controlled company by at least 99%. In this case, Waskita owns 92.53% of WTR shares, while WTR controls 99.82% of WST shares.

WIKA also undertook a similar action by increasing its shares in its subsidiary. The state-owned enterprise conducted a share swap with PT Hotel Indonesia Natour (HIN), also known as InJourney Hospitality, which is a subsidiary of PT Aviasi Pariwisata Indonesia, commonly referred to as InJourney.

WIKA exchanged 50.99% of its shares in PT Hotel Indonesia Properti (HIPro) for 22.57% of InJourney Hospitality’s shares in WIKA Realty. The goal is to integrate and enhance the value of state-owned hotels while improving the financial performance of WIKA Realty, such as increased profits, liquidity, and reduced solvency. After the share swap, WIKA’s shares in WIKA Realty increased from 72.51% to 95.98%.

WIKA’s President Director, Agung BW, expressed appreciation for the support from the State-Owned Enterprises (SOE) Ministry in realising this strategic transaction. “This achievement is a tangible manifestation of collaboration and synergy among state-owned enterprises to strengthen the nation’s competitiveness. It also marks an important milestone in supporting the transformation of national tourism to be more integrated, innovative, and sustainable,” stated Agung in his official remarks, as quoted on Friday (3/1/2025).

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